1 sept 2001

fiscal deficit already a cause for concern
new delhi--the centres fiscal deficit in the first four months of 2001-02 has already exceeded 50 per cent of the full years target of 4.7 per cent of the gross domestic product (gdp).
the government has budgeted the fiscal deficit for the current financial year at rs 1,16,314 crore.
however by the month of july the deficit touched 50.4 per cent or rs 58,628 crore mainly because of the front loading of the expenditure and poor revenue collections.
as per the data released by the controller general of accounts today, the fiscal deficit as on july 31, 2001 stands at 2.37 per cent of gdp.
at the same time last year, the deficit was just 32 per cent or rs 35,642 crore of the targeted fiscal deficit of 5.2 per cent of gdp.

31 aug 2001

fm may relax valuation of perks
new delhi-- the union finance ministry is said to be thinking over taxpayer-friendly changes in the proposed amendments to it rules for valuation and taxation of perks before the final decision.
there may be some relaxation in the valuation of rent-free accommodation provided by the employer to employee as well as in the valuation of interest-free or soft loans provided by the employer to employees.
the changes will benefit those taking loans for purchasing a car, while those taking loans for buying professional tools may have to cough up more tax than what was proposed in the draft notification.
in this years budget, finance minister yashwant sinha had proposed changes in income-tax rules for valuation of perquisites in calculating the taxable income of employees.